It doesn't create or track identities. It creates a unique hash of your iris and can only use it to determine if your iris has been scanned before. Nothing else.
Biometrics as private keys are an absolutely horrible idea as it is.
Proposing to use that private key as your one true interface to the digital financial world is ever more insane.
The idea that proprietary technology and information(the scanners, software and everything that the organization owns) can somehow make this safe and secure is evil.